Learn more about how to find and understand the financial aid aspect of college admissions and search. Presented in sessions at the Fort Wayne Regional College Fair 2014.

1. Navigating
Financial Aid in
Plain English
Will Patch
Assistant Director of Admissions
Manchester University

2. Don’t be intimidated!
• Headlines are misinforming, “Over $100,000
of debt is the norm”
• WRONG! Average is just over $25,550
–Average new car: $30,303
– Forbes put the repayment time of a
bachelor’s degree at 4 years

3. What is the secret to getting
the most financial aid?
• There is no secret
• Students should do well in school and apply
for outside scholarships

4. Where to find aid
• Institutional – Academic, demographic,
interest, or athletic
• FAFSA – Need based
• Outside Organizations – Nonprofits,
employers, churches, etc.

5. Institutional
• School specific
– Academic
– Need – Based on FAFSA
– Demographic – Ethnicity, gender, age
– Interest – Arts, major, volunteerism
– Athletic – NCAA DI or II and NAIA

6. FAFSA
• Free Application for Federal Student Aid
– FAFSA.gov
– Federal Aid – Any accredited school
– State Aid – Only goes to schools in-state
– Max ~ $13,500

7. Outside organizations
• Check with guidance counselors
• Community Foundations
• Churches/employers
• Questa
• Online
• Apply NOW – 2/3 per week

8. Things that aren’t really aid
• Work study/campus jobs
– Depends upon the jobs available and hours worked
– Can help pay for college, but not guaranteed aid
• Loans
– FAFSA will show maximum eligible to take out

9. Ways to Pay
• Jobs
• Payment plans
• Loan options
– Direct Subsidized
– Direct Unsubsidized
– Parent PLUS
– Private

10. Filling the Bucket
• Total cost – Aid = Net Cost (What you pay)

11. Example 1:
Scholarship Amounts
University A - $35,000/year University B - $45,000/year

12. • University A - $35,000
– FAFSA - $10,000
– Outside - $3,000
– Institutional - $10,000
– Final Cost = $12,000

13. • University B - $45,000
– FAFSA $10,000
– Outside - $3,000
– Institutional - $15,000
– Final Cost = $17,000

14. Example 1

15. Example 2:
Why you can’t judge initial price
University A - $20,000 University B - $45,000

16. • University A - $20,000
– FAFSA - $10,000
– Outside - $3,000
– Final Cost = $7,000

17. • University B - $45,000
– FAFSA $10,000
– Outside - $3,000
– Institutional - $27,000
– Final Cost = $5,000

18. Example 2

19. When will you know the
final cost?
• Mid March, after state FAFSA deadline
• Other states vary

20. Questions?